Headlines

South Korea’s economy slowed at a sharper-than-expected pace in the second quarter on sluggish private consumption and weak business investments, losing steam after a solid recovery in the previous quarter, the Wall Street Journal reported. Gross domestic product in Asia’s fourth-largest economy expanded 2.3% year-over-year during the April-June period, slower than the prior quarter’s revised 3.3% growth, Bank of Korea preliminary data showed Thursday. On a quarter-on-quarter basis, the economy shrank 0.2% following the first quarter’s 1.3% expansion, according to the central bank.

Brazil’s annual inflation accelerated more than expected by all analysts in early July, supporting traders’ bets the central bank will have to hike borrowing costs later this year after holding them steady next week, Bloomberg News reported. fficial data released Thursday showed consumer prices increased 4.45% from a year earlier, above the 4.37% median estimate from analysts in a Bloomberg survey. Monthly inflation stood at 0.3%. Policymakers are expected to maintain borrowing costs in double-digits for the foreseeable future as inflation forecasts run above the 3% target.

An Australian court rejected claims that Bayer AG’s weedkiller Roundup causes the cancer known as non-Hodgkin’s lymphoma, a blow to efforts to bring class-action litigation there on the matter, even as the German company contends with thousands of similar claims in the U.S., Bloomberg News reported. The Federal Court of Australia sided with Bayer in Thursday’s judgment, finding there was insufficient evidence that the herbicide increased the risk of developing the disease or caused it directly.

The Malaysian government said that it has surpassed its target by discharging approximately 142,510 bankruptcy cases, exceeding the initial goal of 130,000, following amendments to the Insolvency Act, the Malaysian Reserve reported. Prime Minister Datuk Seri Anwar Ibrahim said the Malaysia Department of Insolvency (MdI) Second Chance Policy aims to discharge 130,000 people declared bankrupt within one year after the enforcement of Act A1695.

India will not sign a global corporate tax deal focused on highly profitable multinational firms unless its concerns on dispute resolution and the treatment of withholding tax are addressed, a finance ministry official said on Thursday, Reuters reported. The so-called "Pillar 1" arrangement, part of a 2021 global two-part tax deal, aims to replace unilateral digital services taxes (DSTs) via a new mechanism to share taxing rights on multinational companies, such as U.S. tech giants Alphabet's Google and Amazon.com and Apple.

A group of Latam Airlines Group SA shareholders raised $456 million in an initial public offering of American depositary shares, Bloomberg News reported. The shareholders in the Santiago-based airline sold 19 million ADS on Tuesday for $24 each, according to a statement. Each ADS represents 2,000 of Latam’s common shares, which trade on the Chilean Stock Exchange. The sellers are Sixth Street Partners, Strategic Value Partners, Olympus Peak, Monarch Funds, Värde Funds and Marathon Fund, the statement shows.

For years, high rollers from China have flouted their country’s ban on gambling by getting their fix online. Livestreamed games of baccarat, roulette, poker and more feature young women sitting behind tables, dealing cards and spinning wheels. While the players are in China, the croupiers on their screens are often far away in studios in the Philippine capital Manila, the Wall Street Journal reported. Filipino officials say many of these operations are also run and staffed by Chinese nationals.

Austrian real estate developer Imfarr Beteiligungs GmbH filed for insolvency in a Vienna court on Tuesday, citing higher financing costs and a drop in demand for office spaces, Bloomberg News reported. Imfarr, which invests in commercial properties in Germany and Austria, said it failed to complete construction projects and sales transactions after the “unexpectedly rapid rise in interest rates,” according to a statement from Austrian creditor’s association KSV1870. “Demand for office real estate in Germany came to a complete standstill,” the filing said.

Selina Networks filed for bankruptcy on Monday, citing a 95% drop in stock value since its IPO, massive debts, and an inability to meet financial obligations with its investors, the company informed the Inter-American Development Bank, YnetNews.com reported. Listed on NASDAQ 18 months ago with a valuation of $1.2 billion, Selina's stock price has plummeted by 99%, leaving the company valued at about $20 million. Facing potential delisting from NASDAQ, the company's stock price has fallen below the minimum threshold.

Embattled French IT company Atos SE has appointed its sixth chief executive officer in less than three years, as the group moves ahead with its creditors’ restructuring plan, Bloomberg News reported. Atos Chairman Jean-Pierre Mustier will take over as CEO from Paul Saleh to steer the company through the final stages of the bailout agreement, the company said in a statement on Wednesday. He will remain chairman of Atos’ board.